Contracts
What is novation in contract law?
AAdding a new clause to an existing contract
BSubstituting a new contract or party for an old one, releasing the original party✓ Correct
CVoiding a contract due to misrepresentation
DExtending the closing date
Explanation
Novation substitutes a new contract or new party for an old one, with the consent of all parties, releasing the original obligor from their duties.
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